When it was launched in 2005, the European Union emissions trading system (EU ETS) was projected to have prices of around €30/ton CO2 and to be a cornerstone of the EU's climate policy. The reality was a cascade of falling prices, a ballooning privately held emissions bank, and a decade of low...

We consider the question of how to integrate carbon emissions in comprehensive national accounts for the purpose of indicating whether countries’ development is sustainable. We derive an expression for national saving which includes not only the national effect of current global emissions, but...